Carpenter Rees Financial Planning

Cobbler’s Children

David and his wife, Sarah, run a successful manufacturing business. The kids are all at junior and infant schools and they feel fortunate that they live close to the schools (and the swimming, ballet and gymnastics!).

Some of their friends have older kids and they have had to start thinking about the next school phase. In the meantime, David and Sarah’s business has been growing. The last time they looked at their financial situation, though, was when they bought their house, and that was over eight years ago.

“There’s been no time or need to think about that sort of thing,” David explained, “our cash has been building up in the bank and the company has given us everything we need.”

But when a friend of theirs suddenly sadly passed away, the couple felt that they really needed to look at their position and do something about it.

“We’d spent lots of time looking after the business and not a lot of time on our own affairs,” said Sarah, “as other priorities always seemed to get in the way.”

David said: “Once we’d met with Mike and his team, both Sarah and I felt a great sense of relief, knowing that we were going in the right direction at last, could look after the family and secure our longer term retirement goals.”

How we helped

We first met David and Sarah through a client who had used our services and was happy to recommend us. They thought we would all be on the same wavelength.

They were right! We found it easy to empathise with David and Sarah’s situation - having been there ourselves and as businessmen, we were able to recognise the problems that David and Sarah were experiencing.

We quickly realised that they didn’t have any real sense of direction. Most of their ‘financial planning’ was filed in a couple of carrier bags and not much thought had gone into protecting the family or on longer term planning.

The next step was to get to know David and Sarah, their business and the whole family properly. It was only then that we were able to build a future plan for them.

Once we’d done this, they commented that this was the first time they’d really seen their future mapped out. By looking at the plan, they were able to get much more clarity about the possible options for a pension - David wanted to be able to invest, for example, in commercial property in a few years time through his pension fund.

We were also able put in place some protection for the business with some keyman cover. In addition, we set up and managed some investment portfolios for their pension and provided some longer term planning to provide for school and university fees.

Most importantly, we’ve been able to build a long term relationship with them so that every year, David and Sarah can take time out to think about their own affairs and come to us for our recommendations.

Contact us

11 Ashbrook Office Park
Longstone Road,
Manchester M22 5LB

Tel: 03330 100777

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